IMPORTANCE OF FINANCIAL PLANNING

FAMILY SECURITY

Providing family financial security is an important part of the financial planning process. Having proper insurance coverage and right policies in place can provide peace of mind for you and your loved once.

EXPENSE

It’s possible to manage expense more effectively through planning. Managing expense helps you understand how much money you will need for tax payments, other monthly expenditures and savings.

RETIREMENT

Many times we forget to plan our retirement because child education & marriage become our priority goals. Financial planning helps you understand your goals better in terms of why you need to achieve these goals & how they impact other aspects of your life & finances

ONGOING ADVICE

Your financial advisor will meet you to assess your current financial circumstances and develop a comprehensive plan customize for you as per your short term and long term goals.The financial plan has to be review and restructure regularly.

DIFFERENCE BETWEEN SAVINGS AND INVESTMENT

It used to be called savings for rainy day. But sudden financial changes can still throw you off track. It is good to have some investment with high liquidity. These investment can be utilized in times of emergency or for educational purposes. Financial planning encourages you to manage inflation. You are aware of the price of various things and activities.

X INCOME—EXPENSE =SAVINGS
INCOME —SAVINGS = EXPENSE

INVESTMENT

A proper financial plan considers your personal circumstances, objectives and risk tolerance. It acts as a guide in helping choose the right types of investments to fit your needs, personality, short term goals, long term goals and emergency fund. Better financial understanding can be achieved when measurable financial goals are set, the effects of decisions understood and result reviewed.

THE BOTTOM LINE

“Spend wisely, Protect & Invest.” This is the financial planning mantra. If you are planning your finances, you can follow these important points too.

    JUST REMEMBER : -

    Spend intelligently. Ensure Protection for your family in case of your demise or a setback in health and Invest to save for your future needs.